Oil prices built on their eighth weekly gain, with WTI crude hovering at 7-year highs around $83 a barrel as traders evaluate the energy crunch roiling markets and falling temperatures in China. The OPEC+ alliance has been struggling to add crude back to the market, in particular from members such as Angola and Nigeria due to lack of investment and exploration.
Also, power generators continue to switch from expensive gas and coal to oil and diesel as major industrial countries face power shortages. Still, US oil production is growing and output is likely to increase further in the US largest shale, according to an official report.
